• ETH price rose to highs of $2,009 on Binance.
• Ethereum’s Shanghai/Shapella upgrade went live successfully on Wednesday,12 April, 2023.
• Crypto analyst Rekt Capital says Ether’s price action is a “leading indicator” for altcoins and that coming weeks could be interesting.

Ethereum surged past the $2,000 mark on Thursday, hitting a high of $2,009 on the Binance cryptocurrency exchange.

The noticeable increase in ETH value came after the biggest proof-of-stake blockchain network had a successful software overhaul.

As CoinJournal reported on Thursday, ETH seemed likely to break above the psychological level after the Shanghai upgrade. After the upgrade was complete and staked ETH withdrawals were allowed, bulls rejected pessimistic predictions and broke through a supply zone that had been in place since August 2022.

ETH Breaks $2,000 as Analyst Forecasts Altcoin Boom in Coming Weeks

Cryptocurrency analyst Rekt Capital believes the flagship altcoin is a “leading indicator for smaller altcoins.” He suggests the breakout of Ethereum could ignite a new wave of momentum for some of the top altcoins, likely indicating that an altcoin season could be on the horizon.

“ETH is a Leading Indicator for smaller Altcoins. This is why the #ETH breakout may very well set the stage for an interesting period for other Altcoins in the coming weeks,” the well-known crypto trader and analyst stated.

Rekt believes the Bitcoin bull market is just beginning, and Ethereum’s price movement may suggest now is a great opportunity to get into many altcoins.  

“ETH at $2000. That’s one reason why it might be worth entering Altcoins early on in this #BTC Bull Market,” the analyst posted on Twitter.

$ETH at $2000

That’s one reason why it might be worth entering Altcoins early on in this #BTC Bull Market$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) April 13, 2023

Ether is currently trading around $1,998, up roughly 4.8% in the last 24 hours.